Mumbai : Knowledge Realty Trust (NSE: KRT / BSE: 544481), India’s largest and most geographically diversified office REIT, reported strong financial and operating performance for the quarter and nine months ended December 31, 2025, backed by steady leasing momentum and robust investor participation.
The REIT reported 21% year-on-year growth in revenue to ₹11,787 million, while Net Operating Income (NOI) rose 19% YoY to ₹10,407 million. It declared distributions of ₹6,953 million (₹1.57 per unit) for the quarter. During December 2025, Knowledge Realty Trust was included in the FTSE EPRA Nareit Global REITs Index, signalling growing global investor recognition. The trust also saw its unitholder base double since listing, reflecting broadening participation across investor categories.
Strong leasing momentum
Leasing activity remained steady, with 0.6 million sq. ft. leased in Q3 FY26, taking cumulative leasing for the first nine months of FY26 to 2.4 million sq. ft. Portfolio occupancy stood at 92%, supported by a strong leasing pipeline. Expansions by existing tenants contributed to more than half of the year-to-date leasing, underlining strong occupier retention and satisfaction. The REIT maintained a disciplined rental growth strategy, with annual escalations built into over 90% of new leases and an embedded 22% mark-to-market potential supported by a well-staggered lease expiry profile.
Financial strength and balance sheet
Knowledge Realty Trust reduced its average cost of debt to 7.25% from 7.44% following repayment of high-cost borrowings and easing interest rates. With a low loan-to-value ratio of 18%, the REIT retains significant headroom to pursue inorganic growth opportunities. CEO Shirish Godbole said the REIT enters the final quarter of FY26 with strong operating momentum, a resilient balance sheet, and visible growth levers. COO Quaiser Parvez added that sustained leasing demand from both global and domestic occupiers continues to support revenue growth and industry-leading margins. The REIT has released its Q3 FY26 earnings presentation and will host an investor call on February 5, 2026, at 4:00 PM IST.